The naira continued to trade at significantly different levels across Nigeria’s official and parallel foreign exchange markets on Friday, with available figures showing a gap of nearly N87 per dollar between the official rate and the parallel-market selling price.
The latest live reading put the official exchange rate at about N1,323.21 to the dollar, while dealers in the parallel market were quoting the greenback at approximately N1,400 to buy and N1,410 to sell.
The figures highlight the continuing difference between pricing in the official foreign exchange market and the rates available to customers seeking dollars through parallel-market channels.
Official market rate
The Nigerian Foreign Exchange Market (NFEM) rate is based on the volume-weighted average of transactions conducted in the official market.
Data published by the Central Bank of Nigeria showed an NFEM rate of N1,326.6862 per dollar on September 2, 2026.
The latest available live reading on September 4 put the rate at N1,323.21 per dollar, although the figure remains subject to change as new transactions are recorded in the market.
At the latest rate, a customer exchanging $100 would receive approximately N132,321, before any applicable charges or transaction costs.
Parallel market quotes
The dollar was quoted at about N1,400 on the buying side and N1,410 on the selling side in the parallel market.
The distinction is important for customers. The buying rate represents the price dealers are willing to pay for dollars, while the selling rate is the price customers are required to pay when purchasing the US currency.
At the N1,410 selling rate, $100 would cost about N141,000, while a customer buying $1,000 would require approximately N1.41 million.
About N87 separates official and parallel rates
Based on the latest figures, the difference between the official rate of N1,323.21 and the parallel-market selling rate of N1,410 stands at approximately N86.79 per dollar.
The disparity reflects the different pricing mechanisms, liquidity conditions and sources of dollar supply in the two markets.
Parallel-market prices can also fluctuate depending on the dealer, location and size of the transaction. As a result, the quoted N1,400/N1,410 range should be regarded as an indicative market quote rather than a uniform price available from every dealer.
Dollar supply remains key
The direction of the naira will continue to be influenced by developments in foreign exchange liquidity, dollar supply and demand, as well as activity and pricing in the official market.
Movements in the parallel market may also provide an indication of underlying demand pressures, although the two rates are determined through different channels.
For individuals and businesses planning foreign-currency transactions, the actual rate available may differ from the headline market figures.
Buyers and sellers are therefore advised to confirm the prevailing rate directly with their bank or Bureau de Change before completing a transaction, particularly for large-value currency exchanges.